What Has Been The Evolution of the Automotive Steering Systems Market in Recent Years?
The automotive steering systems market has seen considerable growth due to a variety of factors.
• The automotive steering systems market has experienced significant growth in recent years. It will grow from $28.36 billion in 2024 to $30.23 billion in 2025, at a CAGR of 6.6%.
The growth can be attributed to rising vehicle production, increased urbanization, higher demand for autonomous vehicles, greater automotive electrification, and a stronger focus on sustainable mobility solutions.
What Is the Forecasted Market Size and Growth Rate for The Automotive Steering Systems Market Size In The Coming Years?
The automotive steering systems market is expected to maintain its strong growth trajectory in upcoming years.
• The automotive steering systems market is expected to grow to $38.44 billion by 2029 at a CAGR of 6.2%.
Growth is driven by the growing adoption of power steering systems, increasing electric vehicle sales, rising disposable incomes, the integration of sensors, and the demand for fuel-efficient vehicles. Trends include technological advancements, integration with battery-swapping stations, innovations in sensor technology, the incorporation of advanced safety features, and the integration of AI technologies.
What Factors Are Driving Growth In The Automotive Steering Systems Market?
The increasing demand for electric vehicles is projected to drive the growth of the automotive steering systems market. EVs are gaining popularity due to their sustainability and environmental benefits, driven by advancements in battery technology and government incentives. Steering systems in EVs ensure efficient handling and safety, contributing to the overall performance of the vehicle. In April 2024, the International Energy Agency reported that EV sales increased by 35% from 2022 to 2023. The rising demand for EVs is fueling growth in the automotive steering systems market.
What Are The Main Segments Of The Global Automotive Steering Systems Market?
The automotive steering systems market covered in this report is segmented –
1) By Component: Hydraulic Pump, Steering Or Column Or Rack, Sensors, Electric Motor, Other Components
2) By Mechanism: Electronic Power Steering, Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering
3) By Pinion Type: Single, Dual
4) By Sales Channel: Original Equipment Manufacturer, After Market
5) By Vehicle: Passenger Cars, Compact, Mid-Size, Premium, Sports Utility Vehicle, Light Commercial Vehicles, Heavy Commercial Vehicles
Subsegments:
1) By Hydraulic Pump: Power Steering Pumps (Hydraulic), Electric Hydraulic Pumps, Variable Displacement Hydraulic Pumps, Pump Assemblies For Electric Power Steering (EPS) Systems, Hydraulic Pumps For Heavy-Duty Applications
2) By Steering Or Column Or Rack: Steering Columns (Manual And Power-Assisted), Rack And Pinion Systems, Electric Steering Racks (EPS), Steering Columns With Adjustable Features (Tilt, Telescopic), Electronic Steering Columns For Autonomous Vehicles
3) By Sensors: Torque Sensors For Steering Feedback, Angle Sensors For Steering Angle Measurement, Position Sensors For Steering Column And Rack, Steering Wheel Sensors For Airbag Deployment And Driver Assistance, Pressure Sensors For Hydraulic Steering Systems, Steering Feedback Sensors For Autonomous Driving
4) By Electric Motor: Electric Motors For Electric Power Steering (EPS), Brushless Dc Motors For Steering Systems, Motor Drives For Active Steering, Electric Motors For Steer-By-Wire Systems, Motors For Automated Steering Control In Autonomous Vehicles
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How Are New Trends Impacting The Size Of The Automotive Steering Systems Market?
Companies in the automotive steering systems market are also innovating with modular steering systems designed for heavier vehicles like electric and light commercial vehicles. These systems offer flexibility and efficiency for OEMs. In April 2023, Nexteer Automotive launched the Modular Rack-Assist Electric Power Steering System. This system features a modular design that enhances flexibility across different vehicle platforms, optimizing steering response and providing precise control in various driving conditions.
Who Are the Key Players In The Automotive Steering Systems Market?
Major companies operating in the automotive steering systems market are:
• Robert Bosch GmbH
• Hitachi Ltd.
• DENSO Corporation
• ThyssenKrupp AG
• ZF Friedrichshafen AG
• Hyundai Mobis Co. Ltd.
• Eaton Corporation plc
• Schaeffler AG
• NSK Steering System Co. Ltd.
• Nexteer Automotive Corporation
• Leopold Kostal GmbH & Co. KG
• Kayaba Industry Co. Ltd.
• Showa Corporation
• Kongsberg Automotive Holding ASA
• Global Steering Systems LLC
• China Automotive Systems Inc.
• Rane Holdings Limited
• JTEKT Corporation
• Pailton Engineering Ltd.
• ILJIN Corporation
• Dalian Wanda Power Steering System Co. Ltd.
• Zhejiang Wanda Steering Gear Co. Ltd.
What Is The Most Dominant Region In The Automotive Steering Systems Market?
North America was the largest region in the automotive steering systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steering systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
